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Columbia Bank News

CB Announces Q4 and Record 2014 Earnings

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User Not Found | Jun 16, 2015

January 29, 2015

Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank, said upon the release of Columbia’s fourth quarter 2014 earnings, “We continued to build on the momentum created by our recent acquisitions and the outstanding efforts of our bankers whose activities resulted in record-setting full-year earnings and loan production for the quarter and year.”

Highlights

Record loan production for both the quarter and year of $325 million and $1.04 billion, respectively

Completed acquisition of Intermountain Community Bancorp

Fourth quarter net income of $18.9 million with diluted earnings per share of $0.34, net of reductions in net income of $3.6 million, or $0.07 per diluted share, associated with acquisition-related expenses and FDIC acquired loan accounting and $1.8 million, or $0.03 per diluted share, in provision for loan losses related to the acquired Intermountain loan portfolio

Record full year 2014 net income of $81.6 million with diluted earnings per share of $1.52 compared to net income of $60.0 million and diluted earnings per share of $1.21 for the prior year